Trim separable fat from roast. Rub 1 side with lemon-pepper seasoning. In a Dutch oven brown roast on all sides in hot oil. Drain off fat.
Combine the ½ cup water; tomato juice; wine, beef broth, or water; bouillon granules; and thyme. Pour around roast in Dutch oven. Bring to boiling; reduce heat. Cover and simmer 1 hour. (Or, bake, covered, in a 325 degree F oven 1 hour.)
Add carrots, potatoes, and onion to meat. Cover; simmer or bake 45 to 60 minutes more or until tender, adding additional water, if necessary. Use a slotted spoon to remove meat and vegetables; keep warm.
For gravy, pour pan juices into a large measuring cup. Skim off fat; discard. If necessary, add water to pan juices to equal 1¼ cups. Return liquid to Dutch oven. Combine cold water and flour. Stir into juices in Dutch oven. Cook and stir until thickened and bubbly. Cook and stir 1 minute more. Serve with meat and vegetables.